Domino's Pizza Group plc (DPG), the leading pizza company in the UK, today announces the creation of a partnership with its largest franchisee in London.

As part of the transaction DPG has agreed to pay £24m to have a 75% stake in a newly formed company, whose assets will consist of all the franchisee's operations, being 25 existing Domino's stores in London.

The creation of the partnership will enable DPG to take advantage of the significant growth opportunity in the London area. The transaction is subject to final contract, with completion expected in September 2017.

Founded in 1960, Domino's Pizza is the recognised world leader in pizza delivery, with a significant business in carryout pizza. Its system is primarily comprised of independent franchise owners, and has a global enterprise of 14,200 stores in over 85 international markets.

Since opening the first Domino's store in the UK in 1985, the group now has around 1,000 stores and over 35,000 employees. The firm has increased its long term store target for the UK to 1,600 and to 400 stores for markets outside of the UK.